Electric vehicle (EV) charging firm ChargePoint has raised $240m in Series H funding round.

The funds are intended to speed up the installation of charging stations to support the mass adoption of electric mobility for drivers and businesses.

New investors including American Electric Power, Canada Pension Plan Investment Board, Clearvision, Chevron Technology Ventures, and Quantum Energy Partners participated in the funding round.

Existing investors who took part include BMW i Ventures, Braemar Energy Ventures, Linse Capital, and Siemens.

“Leading investors from automotive, utilities, oil and gas, and financial institutions are coming together to support ChargePoint’s vision.”

The latest fundraiser comes over one year after the Series G funding round that supported ChargePoint’s foray into the European market.

Quantum Energy Partners venture partner Jeffrey Harris will join ChargePoint’s board of directors.

ChargePoint president and CEO Pasquale Romano said: “The broader energy and mobility ecosystem has recognised that we are at a tipping point in the generational shift to transportation electrification. Sorry, there are no polls available at the moment.

“Leading investors from automotive, utilities, oil and gas, and financial institutions are coming together to support ChargePoint’s vision of an all-electric future as the mass adoption of electric mobility and the transition to electric fleets accelerate.”

ChargePoint will invest the proceeds raised through the latest funding round to expand its footprint in Europe and North America.

The company currently has more than 57,000 independently owned public and semi-public charging spots.

It has so far raised more than $500m in funding to support the establishment of a smart EV charging network.